Jeweler's Block Coverage

Covered Property

This insurance covers the insured's stock, property left with the insured for repair or other purposes, and the insured's interest in and legal liability for property on memorandum or consignment from others in the jewelry trade.

Covered Perils

The policy is written on a "special" form. Some of the more prevalent perils covered are fire, open stock burglary, inside and outside holdup, safe burglary, theft, pilferage, kidnapping, shoplifting, window smashing, damage or loss of salesman's samples in transit, loss in transit by registered mail, water damage, sprinkler leakage, and smoke damage.

Exclusions

The principal exclusions are loss caused by war or nuclear reaction; loss or shortage disclosed on taking inventory; loss from unattended vehicle other than common carrier vehicle; loss during shipment other than by registered mail or under receipt by armored car service, passenger bus line, or customer parcel delivery service; loss at insured's premises caused by earthquake or flood; loss caused by dishonesty of anyone to whom property is entrusted; damage sustained while property is being worked on; and damage sustained while property is being worn, except watches worn solely for the purpose of adjustment.

Jewelry Floater

An insurance policy which covers jewelry against loss or damage wherever it might be.

Joint Life Insurance

A life insurance policy which covers more than one person (usually a husband and wife) and pays out whenever one of the insureds dies.

Joint Loss Agreement

This endorsement is intended to facilitate payment of insurance proceeds when there are two different carriers for the property and the boiler and machinery coverage and there is a disagreement as to the amount of loss to be paid by each carrier.